Click for our Chronological Tracking of Adoption of IFRS in Europe.

We have updated our summaries of accounting standards activity in:

• Australia,
• China,
• Hong Kong,
• Indonesia,
• Japan,
• New Zealand,
• Singapore,
• Taiwan, and
• Thailand.

For banks, not only would consolidated statements under IFRS be required starting in 2004, but also individual banks will have to prepare IFRS financial statements in addition to Russian GAAP statements. IFRS reporting would be extended to additional classes of companies in stages through 2007, though not to small companies. At the same time, the Finance Ministry will work to bring Russian GAAP more in line with international accounting standards.

 

The ASRB has also recommended that both the public and private sector entities have the option to adopt IFRSs from 1 January 2005. Press Release (PDF 12k).

In December 2002, the ASRB – the government appointed body that approves accounting standards – announced that it is recommending to government that listed issuers be required to comply with International Financial Reporting Standards by 2007. They would have the option to adopt IFRS earlier, say by 2005. The ASRB also reaffirmed its policy of aiming for a single set of standards to apply to both the private and public sectors. The ASRB is currently consulting with government, the stock exchange, the Securities Commission, the Office of the Auditor General, and others on their decision. Australia has also announced a plan to move to IFRS (by 2005), and ASRB is working with Australia regarding the transitional issues. Click for ICANZ Press Release (PDF 49k).

We have combined all of our notes for the January 2003 IASB meeting onto a Single Page.

We have combined all of our notes for the January 2003 IASB meeting onto a Single Page.

Click below for SEC press release on each topic:

• (PDF 34k)
• (PDF 38k)
• (PDF 55k)
• (PDF 38k)

The IASB will discuss the following issues when it meets at its offices in London on 22-23 January 2003:

• Amendments to IAS 32 and IAS 39 – analysis of comments on ED
• Business combinations (phase II)
• Convergence project – government grants; assets held for disposal; pensions
• First-time application of IFRSs – analysis of comments on ED
• Insurance (phase I) – contracts that do not quality as insurance contracts
• Insurance (phase II) – overall direction of phase II
• Liabilities and revenue – concepts

This is the Asia-Pacific edition, which includes all of the general IASB/IFRS update information plus country updates for the Asia-Pacific region. Our Europe-Africa and Americas editions will be published soon. Special features of this edition include summaries of the exposure drafts on share-based payment and business combinations and a four-page update of IFRIC agenda items and discussions.

Topics covered in this issue include SPEs, stock compensation, governmental accounting standards, proposed SEC rules on audit committees, the December 2002 IASB meeting, and PCAOB news.